Dawson Street, Dublin 2
Tenants and supporters of residents of the Cruise Park housing estate in Tyrrelstown, north Dublin, who are facing eviction, gathered outside Davy stockbrokers before marching on the Dáil in protest at their treatment by property vulture funds.
The Tyrrelstown Tenants Action Group was set up after the Sunday Business Post reported that over 200 families renting in the estate could be evicted due to a deal between Goldman Sachs and indebted property developer Twinlite
Twinlite’s loans held on the estate were sold to the European Property Fund (EPF), owned by Goldman Sachs and administered in Ireland by Davey stockbrokers.
David McWilliams continues to write about this –
To put it most simply, Ireland has been for sale for a while. If you are a rich, foreign fund you can buy hundreds of millions of euros worth of Irish property assets at an 80 per cent discount.
But if, at the other extreme, you are poor Irish person who is renting, you get evicted from houses where you have been paying rent. This is the story of Tyrrelstown, pure and simple. This week it is Tyrrelstown, next month it will be somewhere else.
Tyrrelstown is only the tip of the iceberg. (i.e. whichever bank/agency the vultures bought the loans from, does not matter a hill of beans)
80%, in case anyone missed that.. (Owen C)
Residential mortgages or performing investment properties were not sold to investors at 80% discounts. McWilliams is talking about loans on distressed development property. Stephen Donnelly covered this long before and way better than McWilliams:
“The mortgages will be sold off in batches of several thousand, and bought by foreign fund managers, eager for a home for their clients’ money. The performing mortgages will be bundled together and sold at a discount of about 10 per cent. The less attractive ones, like those in arrears or serious negative equity, could be sold at discounts of 50 per cent or more.”
Oh look, there you are.
Stephen Donnelly said 90% discounts in fact.
Here you go –
That’s not a link to something Stephen Donnelly said (like the one I provided). That’s a link to something someone claimed they heard Stephen Donnelly say. I’d suggest you should do better.
Sorry, read the first comment, not your follow up. I can only say this – Stephen Donnelly is wrong if he claims performing residential mortgages were sold for 10c on the Euro. This did not happen.
” Bank of Ireland has agreed to pay €253 million for a portfolio of performing residential mortgages from the special liquidators to Irish Bank Resolution Corporation.
This represents a small premium on the €250 million face value of the loan book, which was being sold by liquidators Kieran Wallace and Eamonn Richardson of KPMG.”
” I’d suggest you should do better.”
You were just saying Stephen is covering this way better than Williams.. And now he’s wrong. How can that be so.. diddums.
Vultures like these are banned in the UK…. Source: RTE Radio 1 Morning Ireland yesterday.
Why not here?
Eh, I’d say it’s something to do with the fact that our politicians could not give a tuppenny fupp about the Irish people.. as long as themselves and their chums are looked after. We have evidence of millions being set aside in fixers for these deals and Nama have said it’s nothing to do with them.
You have Mick Wallace screaming about nama in the dail saying Nama officials are taking bribes.
Interesting comment here on the thread I posted from McWilliams –
“The Irish media is as much to blame as the Irish politicians. I gave hot tips to top Irish journalists but they were all “not interested”.
I frequently travel backwards and forwards between Ireland and America and have observed the unreported presence of high-ranking Irish politicians in California where many of the hedge funds like PIMCO are located. I inquired into the purpose of these mysterious meetings and was given laughable “personal” explanations.
Why is the Irish press “not interested”? It would appear that Irish politicians are deeply involved with NAMA and are financing their Parties through dirty property deals. And the Irish media is “not interested”? What does that tell us about Irish democracy? Clearly the people are being “played” by both the politicians and the media.
We would know nothing about Northern Ireland’s First Minister Peter Robinson’s Stormont meeting with PIMCO, a California-based global investment company and NAMA’s Frank Cushnahan if independent TD Mick Wallace from Wexford had not raised “Project Eagle” in the Dail. “
Can someone explain to me what a ‘vulture fund’ is, and how exactly Ireland might be able to go about banning them?
We could start by not voting against resolutions that ban them.
Thanks Anne and Ahjaysis
No bother.. Ooooh I’m getting all simpery and twitchy again. lol
For Kieran KFC,
“They’ve sold most of it off by now.
Like they were supposed to.”
That’d be wrong..
“Nama was set up and funded to manage assets until 2020. Nama bonds, financed by you, were issued to give the agency time and funding to oversee the normal cyclical recovery in asset prices, which takes place as any economy stabilizes after a crash.
It was not set up or ever directed to sell assets at a deep discount to vulture funds.”
Davy stockheads have made zillions during the “European recovery phase” they cleaned up in Portugal and Spain and have moved into Austria and Holland. Don’t even get me started on equities.
All sounds very sanctimonious and lets not let the truth get in the way of a good story!! Reality is that these properties were never part of NAMA. Lender is Ulster Bank who is owned by Royal Bank of Scotland. Also sale of properties has nothing to do with Goldman Sachs or any “Vulture Fund” but is taking place in order to release equity to Twinlite to build further properties.
This doesn’t appeal to the AAA so it obviously must be a “Blueshirt” or DOB planted story!!!!!
Here we go.. It’s not Nama.
Release equity? So they’re not indebted? How much equity will be released and to whom?
“over 200 families renting in the estate could be evicted due to a deal between Goldman Sachs and indebted property developer Twinlite”
“Twinlite’s loans held on the estate were sold to the European Property Fund (EPF), owned by Goldman Sachs and administered in Ireland by Davey stockbrokers.”
1. the sale of the properties was not due to a “deal between GS and Twinlite”. It was a decision of Twinlite to exit the investments, due to regulatory changes and due to it not being their preferred long term business. This has been stated on the record by the Larkins.
2. Twinlites loans are owned by GS (or rather, a company connected with GS, Beltany). GS does not own EPF. The properties are not owned by GS.
3. Twinlite offered to sell the apartments to the State for social housing earlier this year.
As i have said previously, this case is not one about vulture funds owning loans, it is a simple security of tenancy one. I know “Goldman Sachs” and “vulture funds” sells more copy, but can we deal with the facts please?
That’s a bit brusque isn’t it? Yes at the core is a security of tenancy issue, which it’s amazing we still don’t have 200 years since the land league, but what we do have is “vulture funds” exploiting our ineptitude (definition being an outfit that doesn’t care what misery it inflicts as long as it makes a buck), and Goldman Sachs *are* (as always – somewhere) in the mix. From the point of view of drawing the bigger picture, these “facts” are wholly pertinent.
It’s a lot of whataboutery you’re saying Owen.. yes of course it’s a security of tenancy issue.
When you’re renting somewhere and the owner is forced to sell due to a vulture fund wanting to maximise their return, and we don’t have proper rent controls in Ireland, it becomes a security of tenancy issue, and it will continue to be an issue.
“The properties are not owned by GS.” The loans on the property are.
More whataboutery to confuse people.
Given that McWilliams has been flagging this up to the Irish media for some time now, I can’t help but wonder if the real reason the shady dealings of the NAMA in Northern Ireland got out was because it was in a different jurisdiction?
blushirts making it easy for irish children to be evicted from their homes, christ how far this nation has fallen
Just trying to find some info on this from Davy’s.
Ireland is a leading jurisdiction for the domicile of regulated alternative investment funds. To date, alternative funds (which are generally non-UCITS) established in Ireland have primarily been in the hedge fund and private equity areas. However, there is growing interest in using Ireland as a domicile for international property funds with a particular focus on Europe. This interest has been heightened with the recent announcement that Ireland’s National Asset Management Agency (‘NAMA’), which is said to be the world’s largest real estate company, is to establish a Qualifying Investment Fund (‘QIF’) platform which will invest in real estate and real estate related assets in Ireland , the UK and Europe.
“roll up roll up, line you pockets on the misery of others”
Government must acquire twinlite homes? Do the AAA not realise they are in a position to go into coalition with some other party, if they really wanted to, and effect the change they are looking for? Or will they just sit on the ditch and use these peoples situation for their own grandstanding?
yeah, the right wingers want to see the AAA become the cannon fodder for their maintenance of the corrupt blushirt/ff ways.
No If the AAA are to go into government it must be one of the left, if the numbers are not there, then we go to the people again, not play the games of the ff/blushirt establishment
Haha Jesus wept, you must get wet ever time you spout your favourite word BLUESHIRTS, AAA won’t go in for one reason MONEY. Who’s the party sorry Alliance leader, not spokes person actually leader?
AAA – Willing to stand on the picket line with Luas drivers holding commuters hostage in return for more money but standing against vulture funds when they go looking for more money.
A State that facilitates foreign investors over and above the welfare and future of its own citizens is seriously dis-functional.